The Debts feature is ideal for recording personal loans, whether you've lent money to someone or borrowed from them. With this feature you can handle various aspects of your loans, including setting due dates. The app sends reminders for upcoming due dates, assisting you in avoiding late payments.
The Debts feature enables you to track loan repayments efficiently. Record each payment to monitor the amount repaid and the remaining balance. You can mark debts as closed upon full repayment or forgiven debts. You can easily view both active and closed debts, providing a comprehensive overview of your personal loan history.
Keep in mind that the Debts feature is intended for managing simple personal loans. For more complex debts like mortgages or bank loans, it is recommended to set up a mortgage account.
- How to setup your Debts or Loans
- I lent money
- I borrowed money
- Debt and Loans Options
- Edit, Forgive, Close or Delete the Debt
How to setup your Debts or Loans
Android
- Select '≡' in the top left
- Select 'Debt'
- Create a new Debt by tapping the '+' button in the bottom right.
- Select a type: 1. Lent 2. Borrowed: Borrowed money must also include the type ' From someone' or ' Bank Loan, Credit card'
- Select the debt you created
- Add a record tap the blue '+ Add Record' button
- Select or create a new record
- Select Record: For Bank connected accounts if the transactions already exists.
- Create new Record: Only possible for manual accounts.
- Save it and the record will change the remaining amount.
iOS
Not available Share your feedback, feature suggestions or improvements
Web App
Not available Share your feedback, feature suggestions or improvements
I lent money
If you have lent money you will have to fill in the details.
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Do you already have this debt record in your Wallet? - Yes - Select a record. (Bank connected accounts only allow for record selection, not creation.)
- No - Will create an empty debt
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Fill in the options Debt and Loans Options
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Save it.
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Your Debts can now always be viewed in the debts menu.
I borrowed money
If you have borrowed from someone please follow it here.
Loans from a Bank or Credit Card or Mortgage - Please refer to this article mortgage
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Select 'Borrowed from someone'
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Do you already have this debt record in your Wallet? - Yes - Select a record. (Bank connected accounts only allow for record selection, not creation.)
- No - Will create an empty debt
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Fill in the details - Debt and Loans Options
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Save it.
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Your Debts can now always be viewed in the debts menu.
Debt and Loans Options
- Name: To who you have lent the money
- Description: What it was for
- Account: Which account you paid with
- Amount
- Date: Date of money given
- Due Date: Sends you a reminder when the debt is due.
Edit, Forgive, Close or Delete the Debt
- Select your debt or loan
- In the top right select the 3 dots
- Select Close, Edit, Forgive or Delete Debt - Close Debt - Only visible to__Borrowed__debts, Will close the debt and forget about it. Still visible in closed debts
- Edit Debt - Edit the debt if there was a mistake or something changed
- Delete Debt - Will fully remove the debt and it will not be visible in the closed debts section.
- Forgive Debt - Only visible if you__lent__to someone else - Ever had a friend invite you for coffee instead of paying you back? Now you can forgive the debt without altering your account balance. Once forgiven, the debt will be moved to the 'Closed' section.